Minimum Requirements for Asset Management Plans (Queensland)

The Queensland Department of Local Government, Sport & Recreation circulated a letter to Queensland Councils in December 2008 which specifies the minimum requirements for Asset Management Plans.

It states that these requirements apply to depreciating assets of significant value with long estimated useful lives, and provides a list of Infrastructure Asset Classes and Sub-Classes to which the requirements apply to.

Introduction and Overview

Service Levels (derived from Service Planning)

  • The expected or required service levels for the included assets
  • The actual service levels being achieved for the assets

Future Demand (derived from Corporate Planning and Service Planning)

  • Future requirements associated with corporate plans or operational plans
  • Known or possible areas for expnasion
    • Asset classes and potential acquisition dates
    • Cost estimates
    • Impact on service levels, asset lifecycle and financial considerations

Lifecycle Management and Financial Considerations

  • Useful Life
    • Estimated useful life for each asset class and sub-class
    • Estimated remaining useful life for each asset class and sub-class
    • Annual depreciation expense per asset class & sub-class
  • Valuation of each asset class and sub-class
    • Valuation
    • Date of valuation and valuation methodology employed
  • Maintenance Activities
    • Description of Program
    • Timing of Program
    • Maintenance Expense per asset class and sub-class
  • Renewal/Replacement Plan
    • Renewals Capital Expenditure
  • Acquisition
    • New or Upgrade Capital Expenditure
  • Disposal
    • Proposed timing of asset retirement or disposal
    • Estimated residual values at retirement or disposal
  • Risk Management
    • Identification of risks
    • Identification of risk mitigation strategies

Asset Management Practices

  • Details the information systems to be used and the standards and guidelines used to make decisions on asset management

Improvement and Monitoring

  • Identification of any known issues with the quality of the data, forecasts, estimates, etc.
  • Actions taken to mitigate the known issues
  • Commentary on the reliability of the estimates contained within the plan.

Related Pages

Related Documents

  1. Sustainable Councils Annual Return on the Status of Asset Management

External Links & References

  1. Google Search
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